Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Diabetic Neuropathy market.
Trusted Business Insights presents an updated and Latest Study on Diabetic Neuropathy Market 2019-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Diabetic Neuropathy market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Get Sample Copy of this Report @ Diabetic Neuropathy Market Size, Share & Industry Analysis, By Disease Type (Peripheral, Autonomic, Proximal, and Focal), By Drug Class (Anti-Depressants, Anti-Seizures, Opioid, Non-Steroidal Anti-Inflammatory, and others), By Distribution Channel (Hospital Pharmacies, Retails Pharmacies & Stores, and Online Pharmacies), and Regional Forecast, 2020-2029(Includes COVID-18 Business Impact)
The global diabetic neuropathy market size was USD 3.61 billion in 2018 and is projected to reach USD 7.12 billion by 2026, exhibiting a CAGR of 8.9% during the forecast period.
We have updated Diabetic Neuropathy Market with respect to COVID-19 Impact.
Inquire before buying
Diabetic neuropathy is a condition that results in nerve damage that occurs in patients suffering from diabetes. A rise in the blood sugar level of diabetic patients tends to damage nerves leading to diabetic neuropathy. This mainly damages the nerves present in legs and feet. Furthermore, symptoms of neuropathy vary from pain to numbness depending on the affected nerves which include peripheral, autonomic, proximal, and focal neuropathy. Furthermore, peripheral neuropathy affects legs and feet, autonomic neuropathy affects the digestive system and majorly to the stomach, proximal neuropathy causes pain in the thighs, buttocks, and hips. Moreover, affected nerves lead to numbness in legs and feet, digestive system disorders, urinary tract, heart, and others. Along with this, the changes in the body usually occur due to microvascular injuries involving small blood vessels. According to the World Health Organization, currently 285 million patients suffering from diabetes are recorded and is expected to reach to 438 million people suffering with diabetes by 2030. Thus, the rise in the number of patients suffering from diabetes is triggering the growth of the market during the forecast period.
Technologically Advanced Drug Delivery Systems in Treatment of Diabetic Neuropathy to Accelerate Growth of the Market
Management of diabetes is considered to be of high priority across the globe. The increase in diabetic patients is fueling the growth of the market. Furthermore, the rise in prevalence of diabetic neuropathy, increased awareness about diabetes management, and others are prompting key players to focus on the new product launches in the coming years. Owing to this, key players are focusing on the development of technologically advanced products for the improved treatment of diabetic neuropathy market during the forecast period. Manufacturers are focusing on the development of transdermal patches, mouth spray, powder, and others. For instance, drugs for diabetes which are administered through invasive methods such as insulin are more painful to be taken on daily basis. Thus, to overcome complications associated with invasive drugs manufacturers have launched advanced drug delivery systems which include needle-free injection technology (NFIT). Thus, NFIT has received major attraction in the treatment of the disease which is positively impacting on the market growth. Therefore, increased demand for novel drug delivery systems such as oral, transdermal, parenteral, and inhalation is propelling the market growth.
Rise in Prevalence of the Diabetes across the Globe Likely to Drive Market Growth
The increase in prevalence of diabetes is influencing the growth of the global market for diabetic neuropathy, during the forecast period. Moreover, neuropathy occurring due to diabetes mellitus, cardiovascular disorder, obesity, and other complications associated with glucose control are considered to be some of the factors driving the growth of the market. Additionally, increased urbanization leading to unhealthy lifestyles such as consumption of unhealthy food, sedentary living, and others are also influencing the market growth. According to the American Diabetes Association, it is estimated that the prevalence of diabetes globally is accounted to be 2.8% or 171 million diabetic patients in 2000 and is anticipated to reach by 4.4% or 366 million patients suffering from diabetes in 2030. Increase in the prevalence of diabetes is prompting the growth of the market. Along with this, the development of new products by the manufacturers for the effective treatment of neuropathy during the forecast period.
Launch of Advanced Products Likely to Boost Growth of the Diabetic Neuropathy Market
An increase in the prevalence of diabetic neuropathy across the globe is considered to be one of the major factors shaping the market. The growth of the geriatric population, increased point-of-care, healthcare expenditure, and others is positively influencing the market. This is resulting in a rise of research and development activities for the launch of new novel drugs for the treatment of the neuropathic disorder. For instance, Novartis AG launched anti-convulsants medication named Tegerton (carbamazepine) for the treatment of neuropathic pain in patients suffering from diabetes by reducing the nerve impulses that cause pain. In addition to this, Janssen Pharmaceuticals launched a product named Nucynta ER opioid analgesics painkiller used only for the treatment of nerve damage generated due to diabetes.
High Cost of Products and Availability of Alternative Treatments of Diabetic Neuropathy are Impeding the Growth of the Market
Some of the factors hampering the market growth are the increase in the cost of the drugs used for the treatment of diabetic neuropathy, the increasing availability of alternative therapies, and others. For instance, the availability of various other treatments such as radiotherapy and physiotherapy which are considered more convenient and which may lead to more better clinical outcomes for the patients is also restraining the growth of the market. Additionally, the stringent regulations, product recalls, delay in FDA approvals and other such factors might also hinder the growth of this market.
By Disease Type Analysis
Peripheral Diabetic Neuropathy is dominating the market.
Based on the disease Type, the market is segmented into peripheral, autonomic, proximal, and focal. Peripheral segment dominated the market growth. Owing to a rise in the awareness related to peripheral neuropathy across the globe. The peripheral diabetic neuropathy occurs in mainly in diabetic patients suffering with nerve damages that lead to an increasing number of cases. According to the National Center for Biotechnology Information, prevalence of peripheral diabetic neuropathy is noted to be between 6% and 51% in adults depending on various factors which include on age, type of diabetes, glucose control, and duration of diabetes.
Autonomic diabetic neuropathy is expected to reflect the highest CAGR during the forecast period. Owing to a rise in the prevalence of diabetic patients in the key countries, an increase in demand for therapeutics that are safe and effective with minimum risks when compared with invasive approaches are boosting the growth of the market. Furthermore, the increase in diabetic mellitus due to a growing adoption of sedentary lifestyle is also significantly propagating the growth. According to the International Diabetes Federation (IDF) Atlas in 2017, it is estimated that 425 million people aging between 20 – 79 suffered from diabetes mellitus and number is expected to increase up to 629 million by 2045.
The proximal and focal diabetic segment neuropathy is also anticipated to be fastest growing in the market during the forecast period. Proximal is a rare type of nerve damage that generally affects one side of the body and rarely stretches to another side of the body. Moreover, focal diabetic neuropathy damages single nerve of the body, mainly hands, torso, or leg. It generally occurs in 3 out of 10 people suffering from diabetes.
By Drug Class Analysis
Non-Steroidal Anti- Inflammatory Drugs Dominated the Global Market
In terms of drug class, the market is segmented into non-steroidal anti-inflammatory drugs, opioid, anti-depressants, anti-seizure, and others. Among these, the non-steroidal anti-inflammatory segment holds the largest market share, owing to an increase in adoption of the non-steroidal anti-inflammatory drugs globally. An increase in the number of prescriptions consisting of non-steroidal anti-inflammatory drugs for more effective treatment of the disorder which is enhancing the market growth. This in turn, is encouraging the manufacturers to produce non-steroidal anti-inflammatory drugs, which is positively influencing the growth of the market. Non-steroidal anti-inflammatory drugs help in decreasing pain, fever, and others by increasing inflammation necessary for healing.
The opioid segment is anticipated to register a relatively high CAGR during the forecast period, owing to the introduction of new gel formation therapies, an increase in pain relief drugs, and others. In addition to this, a rise in medical practitioners suggesting opioid for treatment, and others is upscaling the market growth in the near future. It can also be treated by using anti-depressants and anti-seizures. Moreover, anti-depressants help in reducing pain, problems associated with lack of sleep, and others by increasing the level of neurotransmitters in the brain.
By Distribution Channel Analysis
Increasing Number of Diabetic Patients to Drive the Hospital Pharmacies Segment
Based on the distribution channel, the market is classified into hospital pharmacies, retail pharmacies & stores, and online pharmacies. A rise in the number of diabetic patients visiting hospitals for regular checkups, monitoring of health conditions, and others lead to more demand for hospital pharmacies. Rise in government support towards awareness of diabetic health management by providing effective drugs at the hospitals is also boosting the hospital pharmacies development leading to market growth. The retail pharmacies & drug stores segment is expected to be the second-largest market segment attributed to the rise in the product supply to the hospitals, partnership with various medical practitioners, clinics, and others. Online pharmacies are also anticipated to register a strong CAGR due to the ease afforded to patients in terms of acquiring of drugs from the convenience of one€™s home.
The market in North America accounted for USD 2.19 billion in 2018. The North America is expected to be the leading regional market attributed to a rise in the prevalence of diabetes, increased incidence. Along with this, early adoption of the drug, availability of the advanced treatments in the region, availability of compounded drugs are also triggering the market growth. According to the National Diabetes Report, it is estimated that 26.9 million of the U.S. population were diagnosed with diabetes. The market in Europe is expected to emerge as the second largest contributor to the market in the near future owing to a surge in the geriatric population suffering from the disease and a rise in healthcare expenditure. In addition to this, growing emphasis on development of new drugs by manufacturers to expand the market growth. According to the National Health Service, it is anticipated that in the U.K. alone, around 1 in every 10 people above the age of 55 is suffering from diabetes. The market in Asia Pacific is anticipated to grow at the highest CAGR owing to the high prevalence of diabetes, increase in problems associated with obesity and cardiac arrhythmias, increase in adoption of the advanced novel drugs, government support for the creation of healthcare awareness, increased research and development activities, and others. The market in Latin America and the Middle East & Africa region is currently expected to have the least market share owing to the poor healthcare infrastructure, unavailability of funds, low awareness among people, and others.
KEY INDUSTRY PLAYERS
Introduction of new products by Eli Lilly and Company and Pfizer Inc. to Boost the Company Share
The key players dominating the diabetic neuropathy market are Eli Lilly and Company and Pfizer Inc. owing to an increase in R&D activities. This is influencing major players of the market to expand its product portfolio across the globe. Hence, the diverse product portfolio by key players is tending to generate revenue for the company. In terms of revenue, Eli Lilly and Company holds the dominance attributed to its blockbuster products such as Cymbalta and Prozac. The significant upscale of the product across the globe is expected to fuel the growth of the market during the forecast period. Pfizer Inc. is considered as the prominent market player. Due to its focus on the development of the products like Lyrica and Motrin that are anticipated to drive the growth.
LIST OF KEY COMPANIES PROFILED:
- Eli Lilly and Company
- F. Hoffmann-La Roche Ltd
- GlaxoSmithKline plc.
- Janssen Pharmaceuticals, Inc.
- Lupin Pharmaceuticals, Inc.
- Astellas Pharma US, Inc.
KEY INDUSTRY DEVELOPMENTS:
April 2019 €“Daiichi Sankyo launched Tarlige tablets whose generic name being microgabalin bestilate drug to treat patients suffering with peripheral diabetic neuropathy pain in Japan.
October 2018 €“ Ionis Pharmaceuticals and Akcea Therapeutics together have launched phase III clinical trial AKCEA-TTR-L to treat polyneuropathy in patients with hereditary TTR (hATTR) amyloidosis.
The diabetic neuropathy market report provides a detailed analysis of the market and focuses on key features such as leading companies, drug class, and type. Besides this, the report provides key insights into the market trends and highlights key industry developments such as mergers, acquisitions, and collaborations, new product launches, prevalence of diabetic neuropathy, pipeline analysis. In addition to this, the report also focuses on the major driving factors and restraints that are inducing the market growth during forecast period.
Report Scope & Segmentation
By Disease Type
By Drug Class
- Non-Steroidal Anti-Inflammatory Drugs
By Distribution Channel
- Hospitals Pharmacies
- Retail Pharmacies & Stores
- Online Pharmacies
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia- Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
Quick Read Table of Contents of this Report @ Diabetic Neuropathy Market Size, Share & Industry Analysis, By Disease Type (Peripheral, Autonomic, Proximal, and Focal), By Drug Class (Anti-Depressants, Anti-Seizures, Opioid, Non-Steroidal Anti-Inflammatory, and others), By Distribution Channel (Hospital Pharmacies, Retails Pharmacies & Stores, and Online Pharmacies), and Regional Forecast, 2020-2029(Includes COVID-18 Business Impact)
Trusted Business Insights
Media & Marketing Executive
Email Me For Any Clarifications
Connect on LinkedIn
Click to follow Trusted Business Insights LinkedIn for Market Data and Updates.
US: +1 646 568 9797
UK: +44 330 808 0580